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The yen has plunged to 40-year lows despite the Bank of Japan raising rates and the government intervening in currency markets. Political concerns and thin holiday liquidity are limiting relief for the beleaguered currency.
China's yuan is gaining ground in international payments as more nations seek alternatives to the US dollar. While Swift data shows the yuan at sixth place globally, its use outside traditional banking networks is surging, particularly in trade-sensitive regions.
The ringgit declined against the US dollar Friday but gained ground against major global currencies as Asian authorities reaffirmed commitment to currency stability. Market sentiment remained guarded ahead of US employment figures.